,Singapore

Additional $1.2b announced for COVID-19 support measures

This includes the extension of the Job Support Scheme for vulnerable industries.

The additional support measures to be implemented to keep the economy afloat during the Heightened Alert period are expected to cost $1.2b.

We sized the package based on what we assessed to be appropriate to meet the needs of businesses and individuals during this period,” Minister of Finance Lawrence Wong said in his ministerial message, Monday.

This will be used for the extension of the Job Support Scheme (JSS) for vulnerable sectors such as food and retail, rental relief, and enhanced support for firms to access credit.

However, the JSS related wage support has been tapered down to just 10% for the 12 July to 25 July extension.

The funds will be sourced from two budget reallocations at $600m each: the development expenditure of the Deep Tunnel Sewerage System and North-South Corrider under the Significant Infrastructure Government Loan; and the underutilisation of development expenditure due to construction delays.

Other programmes to benefit from the $1.2b funds include the Jobs Growth Incentive, COVID-19 Recovery Grant, GST and CDC vouchers, rental support for small and medium enterprises and eligible non-profit organisations, rental waivers for hawkers in government-owned premises, COVID-19 Driver Relief fund, and the COVID-19 Recovery Grant.

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